CalPERS, the nation's largest public-pension system, has given preliminary approval to a set of beliefs designed to guide its investment policies and ensure the fund's growth.

CalPERS believes it is the first U.S. pension fund to adopt specific investment beliefs to help it set its course over the long run.

"These beliefs are another important step in the recovery of CalPERS, providing a clear direction and philosophy for investment decisions," Joe Dear, CalPERS CIO, said in a news release.

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